The Home Mortgage Disclosure Act (HMDA) was enacted in 1975. HMDA data are used to assist in determining whether financial institutions are serving the credit needs of their local communities. The 2019 data are the second year of data that incorporate changes made to HMDA under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.
The Consumer Financial Protection Bureau (hereafter, Bureau) is releasing two Data Point articles. The first article follows a consistent format as previous annual articles released by the Federal Reserve. The second article focuses on an in-depth cross-sectional analysis of new or revised data points that were added under the 2015 HMDA rule.
The 2019 HMDA data and recent trends in mortgage applications and originations are presented. The Bureau seeks to make the 2019 data as comparable as possible to HMDA Data from previous years. The results using the updated HMDA file may differ from those reported in this Data Point article.
The 2019 HMDA data contained closed-end data from a total of 5,496 institutions. Although this is lower than the 5,666 institutions that reported in 2018, the percentage of total institutions that reported under HMDA was similar in each year (49.1 percent in 2019 vs. 48.0 percent in 2018). In addition, HMDA reporters originated about 8.1 million loans or about 88 percent of the estimated total number of closed-end originations in the U.S. In 2018, HMDA reporters originated about 6.4 million loans or approximately 88 percent of the estimated number of originations.
Data Point: 2019 Mortgage Market Activity and Trends: A First Look at the 2019 HMDA Data